Some real estate businesses in the South have begun to have plans to launch new projects to increase supply.
Recently, in Ho Chi Minh City, Gamuda Land has started accepting reservations for the low-rise project The Meadow in Binh Chanh District. The project has a scale of 5 hectares, including 212 townhouses and villas with prices starting from 6 billion VND/unit. This foreign investor is also implementing the construction of the Eaton Park project in Thu Duc City.
Khai Hoan Land said it will open a project called Khai Hoan Prime in Nha Be district. The project is built on a land area of 19,730m2, with 3 apartment towers of 25 and 27 floors, a total of 1,257 apartments, with prices starting at 54 million VND/m2.
Another enterprise, Phat Dat (PDR), is expected to introduce the Thuan An 1 High-rise Complex Housing Project and Thuan An 2 High-rise Complex Housing Project in Thuan Giao Ward, Thuan An City, Binh Duong in October 2024. In which, Thuan An 1 is developed on a land fund of 18,146.7m2, with a height of 39 floors, providing 3,133 apartments to the market. Thuan An 2 has an area of 26,530.7m2, a height of 39 floors, providing about 3,500 apartments and 17 shophouses.
Other businesses such as Bcons, Tran Anh, Danh Khoi… also have plans to open sales of products including townhouses, villas, and apartments in the provinces and cities of Long An, Binh Duong, and Ho Chi Minh City.
According to Batdongsan.com.vn, data currently shows that the market has shown signs of reversal, with interest in real estate on the rise. Interest in land in the third quarter of 2024 is expected to increase by 49% over the same period in 2023, private houses by 25%, apartments by 24%, and villas by 22%. In a survey by Batdongsan.com.vn, 72% of brokers said that the current real estate market is showing more positive signs.
Mr. Nguyen Quoc Anh, Deputy General Director of Batdongsan.com.vn, said that the revised laws related to real estate are being positively received by buyers, brokers, trading floors and real estate investors. The real estate market in 2024 is expected to increase transparency thanks to changes in laws. The supply of social housing is also likely to improve with preferential policies.
However, what worries businesses is that the purchasing power of apartments in the South has not improved much in the past 2 months. The biggest reason is that the current housing prices are not suitable for the majority of customers when they are stuck at a high level. For example, in Ho Chi Minh City, apartment prices are fluctuating from 42-57 million VND/m2 for the mid-range segment, and over 100 million VND/m2 for the high-end segment. However, it is not easy for customers to find a supply of apartments under 40 million VND/m2.
From now until the end of the year, primary apartment prices in Ho Chi Minh City are forecast by market research companies to increase by 5-10%. For satellite cities, the increase will be lower, around 2-3%. The cautious and wait-and-see mentality will still prevail in the early stages when the new laws officially come into effect. Both homebuyers and businesses are still waiting for the new laws to penetrate deeper and the market to improve more clearly.
